Chinatown Plaza was sold for $260 million in May 2018.
Outline planning permission for a serviced apartment with commercial use has also been granted by URA.
In other words, a rare freehold mixed development will be built in its place, and is currently scheduled for launch in the 2nd quarter of 2020
Given its city centre location in a vibrant district, the new condo at Craig Road is predicted to be one of the most highly-anticipated new launches in 2020.
It is close to 4 MRT stations (Tanjong Pagar, Outram Park, Maxwell and Chinatown), with major expressways MCE, CTE and PIE easily accessible as well. Travelling around the island by both public transport and car will be a breeze!
The new condo at Craig Road, former site of Chinatown Plaza, also offers plenty of leisure options.
The iconic Chinatown, Ann Siang Hill and Clarke Quay are home to many bars, retail outlets and cafes. Residents of the new condo at Craig Road will never tire of the plethora of entertainment options around the area.
Food-wise, there is a good mix of international and local eateries. From highly-rated restaurants along Keong Saik road to hawker centres at Hong Lim Complex and People’s Park, residents of the new condo at Craig Road will have a variety of choices to whet their appetites.
Due to its strategic location close to CBD, the new condo at Craig Road is poised to be a popular rental option for expats.
Coupled with its rare freehold mixed development structure, buyers are likely to get high value-for-money in terms of both potential rental yield and capital appreciation.
|Project name||To be announced|
|Developer||Royal Golden Eagle|
|TOP date||To be announced|
|Address||34 Craig Road|
|Development facilities||Full condo facilities including swimming pool, BBQ pits, gym, function rooms, retail on level 1 etc.|
Former Chinatown Plaza location
The new condo at Craig Road is located at the city centre, close to town and CBD. Its strategic location is likely to make it popular with expat tenants looking for homes near their work places in central Singapore.
It is a short distance to 4 MRT stations (Tanjong Pagar, Outram Park, Maxwell and Chinatown), with major expressways MCE, CTE and PIE around the corner. This makes travelling to all parts of Singapore convenient by both public and private transport.
The new condo at Craig Road, former site of Chinatown Plaza, will contain 38 residential units and retail outlets on lower floors.
Residents of the new condo at Craig Road will get to enjoy plenty of leisure, entertainment and food options.
The iconic Chinatown, Ann Siang Hill and Clarke Quay are home to many popular bars, retail outlets and cafes. Residents will get to bask in quaint and posh surroundings, perfect for a relaxing evening or weekend.
There is also a large variety of nearby food outlets catering to different taste buds. Restaurants along Keong Saik road typically serve western and fusion cuisine, while hawker centers at Hong Lim Complex and People’s Park whip up mouth-watering local dishes.
Comparative pricing analysis
Rental rates (per month) for projects in the area by bedrooms are as follows
1 BR: 2500 to 5000
2 BR: 3000 to 5500
3 BR: 3800 to 7500
4 BR: >5000
This would give a good indication to potential investors on how much rental a unit could fetch upon completion.
Rental yield for projects in district 2 are approximately 3 to 3.3%
Majority of District 2 property investors see their units as vehicles for passive rental income.
As seen from the above tables, District 2 properties can command high rental fees, with no lack of potential tenants.
This is because District 2 properties have the advantage of location. 4 MRT stations, centrally located and a short distance from town and CBD makes District 2 a hotbed for rental demand, mostly from expats.
The prestige of staying in a posh condo in central Singapore is a big factor in District 2’s appeal as well.
With Singapore continuing its policy of adding top level foreign talents into the workforce, owners of new Craig Road condo unit are well-positioned to enjoy high rental income.